MIRA INFORM
REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHI MEI CORPORATION |
|
|
|
|
Registered Office : |
No. 59-1, San Chia , Jen Te , Tainan County, Taiwan 71702 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
11.01.1960 |
|
|
|
|
Com. Reg. No.: |
68387705 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of industrial
chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Taiwan |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
Notes: Subject’s exact address is as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
Chi Mei Corporation |
|
Registered Address: |
No. 59-1, San Chia , Jen Te , Tainan County, Taiwan 71702 |
|
Date of Foundation: |
|
|
Registration Number: |
68387705 |
|
Registry: |
MOEA Department of Commerce |
|
Registered Capital: |
NTD19,600,000,000 (USD 678,160,000) (As of 2011.06, 1 NTD = 0.0346 USD) |
|
Paid-up Capital: |
NTD17,262,480,000 (USD 597,281,808) |
|
Legal Representatives: |
Jinxiang Liao |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
History
Subject was incorporated on
Awards
|
Year |
Awards |
|
2007 |
Blue chip importer
and exporter |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
Shareholders
|
Name |
Subscription Shares |
|
Jinxiang Liao |
267,909,298 |
| Wenlong
Xu |
267,909,298 |
|
Zhaoyang He |
1,994,019 |
|
Rongjun Lin |
336,656 |
|
Lingyu Zhao |
5,907,814 |
|
Chunhua Xu |
1,588,277 |
|
Xingzong Wang |
1,471,027 |
|
Hukutaku Ryuichi |
145,189,272 |
|
Takashi Kosawa |
145,189,272 |
|
Xiumei Zhaoliao |
3,496,047 |
|
Guangfu Song |
24,403,094 |
Notes: The information above is that of subject’s
major shareholders
Subsidiaries &
Branches
Other Address
|
1 |
|
|
Name: |
Taipei
Technology Service Center |
|
Address: |
8/F., No.9.,
Aiguo West Road, Taipei City, Taiwan |
|
Tel: |
+886-2-23148841 |
|
Fax: |
+886-2-23618800 |
|
2 |
|
|
Name: |
Taichung
Technology Service Center |
|
Address: |
No. 27-5.,
Section 1, Xiangshang Road, West District, Taipei City, Taiwan. |
|
Tel: |
+886-4-23022255 |
|
Fax: |
+886-4-23016161 |
Related Company:
|
Name: |
Zhenjiang Chi
Mei Co., Ltd (Literal Translated) |
|
Address: |
No.2., Hanqiao
Road, Dagang Development Area, Zhenjiang City, Jiangsu Province, China |
|
Tel: |
+86-511-83121300 |
|
Fax: |
+86-511-83121033 |
|
Notes: |
The Company
above mainly supplies its products to the domestic market in the mainland of
China. |
Personnel
Information
Core
Management
|
1 |
|
|
Name |
Jinxiang Liao |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Wenlong Xu |
|
Position |
Director |
|
3 |
|
|
Name |
Zhaoyang He |
|
Position |
Director |
|
4 |
|
|
Name |
Rongjun Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Lingyu Zhao |
|
Position |
Director |
|
6 |
|
|
Name |
Chunhua Xu |
|
Position |
Director |
|
7 |
|
|
Name |
Xingzong Wang |
|
Position |
Director |
|
8 |
|
|
Name |
Hukutaku Ryuichi |
|
Position |
Director |
|
9 |
|
|
Name |
Takashi Kosawa |
|
Position |
Director |
|
10 |
|
|
Name |
Jucheng Lv |
|
Position |
Independent
Director |
|
11 |
|
|
Name |
Xiumei Zhaoliao |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Guangfu Song |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,800 employees |
Operation
Information
Offices
& Factories
|
|
Headquarter |
|
Add |
Production
Information
l
Subject is engaged in manufacture of industrial
chemicals such as synthetic resin, etc
Purchase
Information
l
The registered activities of subject:
|
C801010 |
Basic chemical industry |
|
C801020 |
Manufacture of raw materials for Petrochemical
industry |
|
C801060 |
Manufacture of synthetic rubber |
|
C801100 |
Manufacture of synthetic resin and
plastic cement |
|
C802990 |
Manufacture of other chemicals |
|
C901070 |
Manufacture of stone product |
|
CC01990 |
Manufacture of electrical motor and Electronic
Machinery |
|
F105050 |
Wholesale of Furniture, bedding, kitchen
appliances, fixtures |
|
F107990 |
Wholesale of other chemicals |
|
F199990 |
Other wholesale |
|
F205040 |
Retail of Furniture, bedding, kitchen appliances,
fixtures |
|
F207990 |
Retail of other chemicals |
|
F299990 |
Other retail |
|
G801010 |
Storage Industry |
|
H701020 |
Development, leasing and sales of industrial
factory building |
|
H701040 |
Development of specified area |
|
H701060 |
Development of New towns and new subdistricts |
|
J101040 |
Waste treatment |
|
J101050 |
Environmental and Engineering Services |
|
J101060 |
Wastewater (Sewage) Treatment |
|
CC01080 |
Manufacture of Electronic Components |
|
C801990 |
Manufacture of other chemical materials |
|
C805010 |
Plastic leather, cloth, plate, pipe manufacturing |
|
C805050 |
Industrial plastic products manufacturing |
|
C805990 |
Other plastic products manufacturing |
|
C802090 |
Cleaning Goods manufacturing |
|
C802100 |
Cosmetics Manufacturing |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject purchases both at
home and abroad.
l
Subject is engaged in sales of industrial
chemicals.
l
Subject’s products are applied to the Communication
& Electronics industry, houseware manufacturing industry, packaging
industry and garment industry, etc
l
Subject’s products are both sold in domestic and
overseas market, it is introduced that subject exports to USA, Europe, and
other Asian Countries such as the Philippines, Vietnam, and Indonesia, etc.
Major Products
|
1 |
|
|
2 |
|
|
3 |
|
|
4 |
|
|
5 |
PC RESIN |
|
6 |
|
|
7 |
TPE |
|
8 |
|
|
9 |
|
|
10 |
|
|
11 |
|
|
12 |
|
|
13 |
|
|
14 |
|
|
15 |
Settlements
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
Industrial chemicals such as synthetic resin, etc |
COD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Industrial chemicals such as synthetic resin, etc |
CBD, etc |
100% |
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
|
Current Assets |
17,771,249 |
13,194,684 |
15,764,627 |
|
Funds and
long-term investments |
77,270,144 |
78,132,592 |
87,330,851 |
|
Fixed Assets |
16,720,254 |
16,939,165 |
12,807,061 |
|
Intangible
Assets |
274,125 |
285,132 |
86,341 |
|
Others |
3,847,147 |
3,693,984 |
3,912,337 |
|
Total Assets |
116,148,244 |
112,381,456 |
119,987,107 |
|
Current
liabilities before distribution |
13,022,136 |
11,183,128 |
27,656,480 |
|
Current
liabilities after distribution |
|
11,183,128 |
27,656,480 |
|
Long-term
liabilities |
37,320,226 |
27,250,702 |
15,153,388 |
|
Share Capital |
17,262,480 |
18,262,480 |
18,262,480 |
|
Capital Surplus |
193,332 |
9,235,179 |
9,070,875 |
|
Retained
earnings before distribution |
48,038,643 |
45,353,687 |
49,430,339 |
|
Retained
earnings after distribution |
|
45,353,687 |
49,430,339 |
|
Total
liabilities before distribution |
51,273,886 |
39,306,610 |
43,417,319 |
|
Total
liabilities after distribution |
|
39,306,610 |
43,417,319 |
|
Total equity
before distribution |
64,874,358 |
73,074,846 |
76,569,788 |
|
Total equity
after distribution |
-- |
73,074,846 (USD 2,374,932,495) |
76,569,788 (USD 2,488,518,110) |
|
Total equity and
liabilities |
116,148,244 (USD 3,774,817,930) |
112,381,456 (USD 3,652,397,320) |
119,987,107 (USD 3,899,580,978) |
(As of 2010.10, 1 NTD =
0.0325 USD)
Profit and
Loss Account
Unit:
NTD/000
|
|
~ |
2009 |
2008 |
|
Sales |
50,082,978 (USD 1,627,696,785) |
72,434,755 (USD 2,354,129,538) |
73,822,130 (USD 2,399,219,225) |
|
Gross Profit |
8,635,954 |
13,302,292 |
4,707,532 |
|
Operating Profit |
6,553,413 |
9,371,775 |
1,262,065 |
|
Non-operating
income |
1,967,750 |
962,698 |
4,532,760 |
|
Non-operating
expenses |
-452,470 |
-10,751,688 |
-7,295,925 |
|
7,033,884 |
-2,886,497 |
-1,428,927 |
|
|
Earnings per
share before tracing |
4.73 |
-0.46 |
-1.09 |
|
Earnings per
share after tracing |
4.13 |
-1.91 |
-1.05 |
|
Net income and
loss before tax |
8,068,693 |
-417,215 |
-1,501,100 |
|
Net income and
loss after tax |
7,033,884 (USD 228,601,230) |
-2,886,497 (USD -93,811,153) |
-1,428,927 (USD -46,440,128) |
|
Interest income |
164,420 |
7,260 |
21,589 |
|
Interest Expense |
-339,873 |
-769,938 |
-1,029,192 |
(As of 2010.10, 1 NTD =
0.0325 USD)
Cash Flows
Unit: NTD/000
|
|
~ |
2009 |
2008 |
|
Net Income |
7,033,884 |
-2,886,497 |
-1,428,927 |
|
Net cash flows
from operating activities |
3,996,371 |
15,130,454 |
5,808,349 |
|
Net cash flows
from investment activities |
-1,532,638 |
-4,207,571 |
-7,175,471 |
|
Net cash flows
from Financing activities |
-1,502,496 |
-14,291,833 |
2,696,497 |
|
Increase/decrease
of current cash and cash equivalents |
978,767 |
-2,692,411 |
1,329,375 |
|
Increase/decrease
of initial cash and cash equivalents |
1,925,426 |
4,617,837 |
3,288,462 |
|
Increase/decrease
of Cash at end of period and cash equivalents |
2,904,193 |
1,925,426 |
4,617,837 |
Bankers
Subject did not introduce its bank details, from other source we can not
obtained the relevant information, either.
Public
Record
Mortgage
No mortgage record
of subject has been found in the recent 3 months.
Lawsuit
Up to date of
reporting, no existing or latent litigation of the subject has been found.
Interview
Details
|
Name |
Ms. Wu |
|
Department |
Sales department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
UK Pound |
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.